Mercator’s management shuffle

DebraMcGarry

WILTON, Conn. (CBS.MW) -- A week after Mercator Software surprised investors with the resignation of its chief financial officer, the business software provider named Robert M. Applegate to the post on an interim basis.

The company is conducting a high-level search for a permanent CFO and controller.

Applegate succeeds Kevin McKay, who resigned as CFO late last month after only four weeks on the job amid the company’s announcement that it’s restating second-half earnings to account for “underreported expenses.”

Last week, the Wilton, Conn.-based company also announced that Ira Gerard was fired as vice president of finance. Gerard had previously stepped down as CFO due to health reasons.

Applegate brings more than 25 years of financial experience to Mercator, including a one-year stint as CFO of Remington Arms Co.

He has also served as interim CFO for two large companies and an Internet start-up in the past four years.

Applegate was also a financial executive at RJR Nabisco from 1976 to 1994.

The stock (MCTR) advanced $2.13 to close at $17.38 on volume of 4.4 million shares.

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